"Emission allowances trading system and its impact on investment decision-making (real option approach)" . "Emission allowances trading system and its impact on investment decision-making (real option approach)"@en . "Emission allowances trading system and its impact on investment decision-making (real option approach)" . "Ostrava" . . . "This paper is focused on the investments, which lead to the polluting decrease. Companies polluting emissions have to reduce the quantity of emissions to meet the target level. There are two ways how to do it: first, to invest in a new technologies leading to the emission reduction or, to buy emission allowances from other firm. It is apparent that emission allowances and their prices affect importantly decision strategies. The result is that investment process is under emission trade system more complicated and new investment policy decision tools and techniques must be employed. In the first part, fundamentals of emission trade system and its impact on financial decision-making is described, in the second part, an illustrative example of a pollution decreasing investment using real option approach is stated." . "RIV/61989100:27510/05:00011814" . "\u010Cul\u00EDk, Miroslav" . . "10"^^ . "Sborn\u00EDk vybran\u00FDch p\u0159\u00EDsp\u011Bvk\u016F z 5. mezin\u00E1rodn\u00ED konference Finan\u010Dn\u00ED \u0159\u00EDzen\u00ED podnik\u016F a finan\u010Dn\u00EDch instituc\u00ED" . . "27510" . "RIV/61989100:27510/05:00011814!RIV06-GA0-27510___" . "This paper is focused on the investments, which lead to the polluting decrease. Companies polluting emissions have to reduce the quantity of emissions to meet the target level. There are two ways how to do it: first, to invest in a new technologies leading to the emission reduction or, to buy emission allowances from other firm. It is apparent that emission allowances and their prices affect importantly decision strategies. The result is that investment process is under emission trade system more complicated and new investment policy decision tools and techniques must be employed. In the first part, fundamentals of emission trade system and its impact on financial decision-making is described, in the second part, an illustrative example of a pollution decreasing investment using real option approach is stated."@en . "Real option; option to defer; emission allowance; underlying asset; decision function"@en . . "80-248-0938-9" . "Ostrava, \u010Cesk\u00E1 republika" . . "[756CDAF05AD4]" . . . . . "520171" . "Obchodovateln\u00E9 emisn\u00ED povolenky se uk\u00E1zaly b\u00FDt efektivn\u00EDm n\u00E1strojem pro redukci sklen\u00EDkov\u00FDch plyn\u016F. Kter\u00E9 hraj\u00ED v\u00FDznamnou roli p\u0159i glob\u00E1ln\u00EDm oteplov\u00E1n\u00ED. V\u00FDhodou tohoto tr\u017En\u00EDho n\u00E1stroje je n\u00E1kladov\u00E1 efektivnost tohoto syst\u00E9mu. Firmy maj\u00ED volnost v rozhodov\u00E1n\u00ED, jak dos\u00E1hnout c\u00EDlov\u00E9 emisn\u00ED \u00FArovn\u011B definovan\u00E9 v n\u00E1rodn\u00EDm aloka\u010Dn\u00EDm pl\u00E1nu, tj. zda koupit povolenky od jin\u00E9ho \u00FA\u010Dastn\u00EDka v syst\u00E9mu nebo investovat do nov\u00E9 technologie vedouc\u00ED ke sn\u00ED\u017Een\u00ED vypou\u0161t\u011Bn\u00FDch emis\u00ED.: hlavn\u00EDmi faktory ovliv\u0148uj\u00EDc\u00ED rozhodov\u00E1n\u00ED jsou cena povolenek a investi\u010Dn\u00ED n\u00E1klady t\u011Bchto technologi\u00ED. T\u00E9to p\u0159\u00EDsp\u011Bvek je zam\u011B\u0159en na \u0159e\u0161en\u00ED investi\u010Dn\u00EDho probl\u00E9mu, vedouc\u00EDho k sn\u00ED\u017Een\u00ED zne\u010Di\u0161t\u011Bn\u00ED. Investi\u010Dn\u00ED rozhodov\u00E1n\u00ED p\u0159i existenci syst\u00E9mu emisn\u00EDch pouk\u00E1zek je nyn\u00ED slo\u017Eit\u011Bj\u0161\u00ED a proto je nutno vyu\u017E\u00EDvat nov\u00E9 n\u00E1stroje a postupy. V prvn\u00ED \u010D\u00E1sti jsou pops\u00E1ny z\u00E1klady fungov\u00E1n\u00ED syst\u00E9mu obchodov\u00E1n\u00ED s pouk\u00E1zkami a jejich dopad na investi\u010Dn\u00ED rozhodov\u00E1n\u00ED, v druh\u00E9 \u010D\u00E1sti je prezentov\u00E1n ilustra\u010Dn\u00ED p\u0159\u00EDklad \u0159e\u0161en\u00ED probl\u00E9mu na b\u00E1zi metodologie re\u00E1ln\u00FDch opc\u00ED."@cs . "Emission allowances trading system and its impact on investment decision-making (real option approach)"@en . . "Vysok\u00E1 \u0161kola b\u00E1\u0148sk\u00E1 - Technick\u00E1 univerzita Ostrava. Ekonomick\u00E1 fakulta" . "2005-09-07+02:00"^^ . . "1"^^ . . . "1"^^ . "P(GA402/04/1357)" . . . "47-56" . . "Syst\u00E9m obchodov\u00E1n\u00ED s emisn\u00EDmi pouk\u00E1zkami a jejich dopad na investi\u010Dn\u00ED rozhodov\u00E1n\u00ED (p\u0159\u00EDstup na b\u00E1zi re\u00E1ln\u00FDch opc\u00ED)."@cs . "Syst\u00E9m obchodov\u00E1n\u00ED s emisn\u00EDmi pouk\u00E1zkami a jejich dopad na investi\u010Dn\u00ED rozhodov\u00E1n\u00ED (p\u0159\u00EDstup na b\u00E1zi re\u00E1ln\u00FDch opc\u00ED)."@cs . .